VICTORIA – Many soon-to-be released property assessments will show a moderating market, with more modest changes in property values compared to previous years based on trends in the real estate market as of July 1, 2019.
“We first saw signs of moderation during the 2019 property assessments,” says Assessor Tina Ireland. “For 2020 assessments, we are seeing a continued ripple effect of a moderating market expanding across the province.”
The following map* demonstrates the forecasted ranges of typical changes in 2020 property assessments by region and property type:
*All numbers are preliminary projections only and are subject to change. The final numbers will be released on January 2, 2020.
“Changes in property assessments really depend on where you live,” says Ireland. “For example, assessed values of homes in many areas of Metro Vancouver will see a softening in value, while other markets and areas of the province will see minimal change and even modest increases over last year’s values.”
“Commercial properties continue to trend upwards in many parts of the province, but have stabilized within the Lower Mainland,” adds Ireland.”
Based on what was happening in the real estate market as of July 1 this year, the table* below provides examples of what percentage changes that property owners in various areas of the province can expect to see with their 2020 assessed values (listed by property type):